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Americans dish the truth on Biden’s inflation: Going ‘up and up and up’
FOX Business’ Madison Alworth speaks to diners in Reading, Pennsylvania, who are still feeling sticker shock.
While President Biden might’ve touted an economic “comeback” in his State of the Union address Thursday night, Americans woke up Friday morning still feeling an inflationary hangover.
“We’re going to do groceries now. Every week we go and we spend about $300. I have not seen a change at all. On the contrary, like it’s just going up,” a diner named Iris told FOX Business’ Madison Alworth on “Cavuto: Coast to Coast.”
“We just got a letter at home saying the rent is going to go up. Our insurance just went up, so everything just keeps going up and up and up,” she continued. “I haven’t seen the difference in anything.”
Iris was one of four diners who dished out the harsh reality of Biden’s economy, arguing everyday inflation and sticker shock still exist despite cooling inflation data.
And though Biden spun a positive economic angle in his national speech, proclaiming “wages keep going up and inflation keeps coming down,” price data from the U.S. Bureau of Labor Statistics shows why shoppers are right to be concerned.
Four diners in Reading, Pennsylvania, spoke out against food and grocery prices going “up and up and up.” (Fox News)
An examination of just two common grocery list items, eggs and milk, reveals a stark increase in prices from January 2021 to January 2024.
In January 2021, the average U.S. price for a dozen Grade-A eggs in U.S. cities was $1.47. Four years later, that price jumped 52.6% to an average price of $2.52 per dozen. Between those years, the retail price for a dozen eggs peaked at a walloping $4.82 in January 2023.
Another staple household commodity: milk. Three years ago, in January 2021, the average cost for whole milk was $3.47 per gallon in U.S. cities. As of January 2024, the price has climbed 13.2% to $3.96 per gallon.
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One Pennsylvania diner noted seeing the same trend with orange juice: “A gallon of orange juice is like $6.80 or around $6, and that’s at Walmart. Like you don’t really expect it to be that,” a woman named Tana also told Alworth.
“I have a home business, I do cookies, and I need a bag to put them in, and I buy the 150-count at Walmart. I used to get them for like $3, now they are like $6.50 or something like that. And it’s plastic,” Tana continued. “It’s never coming down. Nothing comes down.”
Her friend, Marcia, has pricing concerns within America’s real estate market.
‘Fox & Friends’ co-host Lawrence Jones speaks to a business owner at the Golden Egg diner in Surfside Beach, South Carolina.
“Housing pricing is still high and the interest rates are high. So I don’t know what’s going to give there,” Marcia said. “I don’t see how the economy is good when both of those things are high.”
Iris’ husband Alfonzo, who’s a semi-truck driver, also feels price hikes while on the road.
“Everything’s up. Parking spots, fuel. Everything’s up,” he said. “Wherever you go, you see it.”
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Johnny Roger’s owner Barrett Dabbs details how inflation is hurting his Concord, North Carolina barbecue and burger joint on ‘Varney & Co.’
In recent weeks, Biden blamed corporations for raising “their prices to pad their profits, charging you more and more for less and less.”
“That’s why we’re cracking down on corporations that engage in price gouging or deceptive pricing from food to health care to housing,” the president said.
FOX Business’ Chris Pandolfo contributed to this report.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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